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Aug 6
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Educate Yourself to Avoid Being the Victim of Insurance Frauds

Educate Yourself to Avoid Being the Victim of Insurance Frauds

There has been a considerable rise in frauds related to insurance. That is why it is important to save yourself from the crimes related to the insurance policies in the market. As a customer, you need to be aware of the various insurance scams so that you can save yourself from such incidents. This comprises of all those deals from illegal insurance claimers offering you with heavy discounts on payable premium which is, however, all fake.

Buy insurance online from licensed insurers

Insurance frauds have been happening before as well, but such incidents have been rising in particularly in the insurance policies related to the motor, health, and personal accidents. There is a plethora of news related to how people were cheated by fraud insurance product sellers, by wrong claim settlement, and the unacceptable surrender of policies.

If you want to save yourself from being the victim of such fraudsters, make sure you buy insurance online from licensed insurers only. Also, do not fall prey of insurance sellers offering you attractive premium discounts and gifts.

Tips for Identifying Fraud Insurers

The following tips will help in identifying a fraud insurer:

  • Buy insurance policies only from the licensed insurers and intermediates: Nowadays you can buy insurance policy either through offline or online medium. In both the cases ensure that you do a purchase only after you have spoken with a licensed agent. Also, check for all the credentials of the website and the service provider before you go ahead in case of online buying of the insurance policy.

  • Go for a premium payment receipt: If you are paying online or through a cheque, always do so in the name of the company. Many a time the person gets it deposited in their own personal accounts so make sure that you always pay the registered insurance company. And always get a receipt for your payment and keep the receipt safely with the other documents for future reference. This can work as evidence if anything wrong goes wrong and you need to produce it in front of the court.

  • Go for online verification as well: Many insurers provide you with an option of verifying the policy link on the website. You can also check for the genuineness of the policy through the link on the website and look for its validation. Not only  this but you also can cross-check the policy with the customer care executives of the insurance company.

  • Verify it with the QR Code: In case of motor insurance, the IRDAI has made a QR code compulsory for every vehicle. This will help you in finding out the status and other details about the insurance policy.

Apart from this, remember to never sign any blank documents or claim documents, and read every document carefully.

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